Tax on retirement lump sum withdrawal

  Written by Marc   Posted 30 October 2015

I received a retirement lump sum benefit (withdrawal) in 2015 tax year of R 630 000. I have been taxed R 193 902. 08 which I do not think is correct. Please can you advise what tax should be paid?

No access to forgot passwords

  Written by Evan   Posted 29 October 2015

I registered to TaxTim, but I am struggling to get logged in. I don't know what to do. Can you help me?

Who should submit additional medical expenses - main member or spouse?

  Written by Evan   Posted 29 October 2015

I am the main medical aid member (cover for myself and my spouse). We ran out of our MSA and we incurred some expenses that my spouse paid for herself.

My Question:

Who should submit additional medical expenses not paid for by our medical aid when doing our tax returns, myself or my spouse?

When must Capital Gains Tax be declared?

  Written by Marc   Posted 29 October 2015

If Capital Gain tax I have incurred is less than the R30,000 allowance, do I still have to declare it in my Tax tax return?

Not sure what a tax number begins with?

  Written by Marc   Posted 29 October 2015

How does a TaX number look like

Never worked but I want a tax number. Is it possible?

  Written by Marc   Posted 29 October 2015

Can I get a tax number if a havn't worked before??

Does a trust have to submit income tax returns when it is dormant?

  Written by Evan   Posted 29 October 2015

Does a trust have to submit income tax returns when it is dormant?

Is my pension taxed when transferring from one fund to another?

  Written by Evan   Posted 29 October 2015

I changed jobs and requested that my pension be transferred from the previous fund to the new fund. This was done, but the old fund was taxed. I did not withdraw any of the money, so I am inquiring if I should have been taxed or can SARS provide me with a refund?

When does a trust need to register for income tax?

  Written by Evan   Posted 29 October 2015

When does a trust need to register for income tax?

Do we pay tax on receiving half of your spouses pension? What is the percentage tax to be paid?

  Written by Evan   Posted 29 October 2015

I will be receiving half of my spouses pension fund after the divorce. I have read some of your answers from previous questions about the tax implications. You replied that it is not taxable but in a different question you answered that it is taxable. If so what is the percentage of tax to be paid? It is difficult to get the right answer on the web. Everyone has different opinions.

Spreadhseet for allowable deductions for letting

  Written by Evan   Posted 29 October 2015

Do you have a spreadsheet for private rental/subletting deductions?
Also have some fixed income. Been privately submitting to SARS for 10 years now.

Tax deduction for computer

  Written by Evan   Posted 29 October 2015

On the 31st January 2013, a company purchased computer equipment R34,750. This equipment was stolen on the 1st October 2014 and Insurance proceeds of R14,500 were received. What would the tax deduction be?

How to register tax clearance certificate?

  Written by Evan   Posted 28 October 2015

How can I do companies tax clearance certificate?

Do I need to declare support money from parents on my tax return?

  Written by Evan   Posted 28 October 2015

Do I have to declare the support money that I received from my parents before I registered for tax and started working?

Correspondence

  Written by Evan   Posted 28 October 2015

What does it mean "SARS has issued correspondence which needs your attention"?

Do I declare capital investment into rental property in my ITR12?

  Written by Marc   Posted 28 October 2015

Hi TaxTim. When using capital to build or purchase a rental house, is this considered an investment of which the outlay of capital does not have to be declared in the tax year in which it was acquired? (I do not refer to the rental income or taxable portion of the rental income. ) Only in the event of selling the investment property would one then do the sums of proceeds of investment minus the base cost?

What is the taxation on the gratuity lump sum and on the annuity for medical retirement-GEPF?

  Written by Marc   Posted 28 October 2015

I belong to GEPF and was medically boarded. What is the taxation on the gratuity lump sum and on the annuity?

How long does a payment dispute assessment take?

  Written by Evan   Posted 28 October 2015

I'm a seasonal worker I've submitted my tax returns in August, was suppose to receive my first payment on the 1st of October but it was reversed because my tax cert indicates I've worked for 4 months in 2015 tax year, SARS requested that I submit an affidavit and I did all of that but since then haven't received any correspondence from SARS.

How long is it going take for them to reverse back my money to me? Or should I be worried there's more issues coming?

Interest on bond payments

  Written by Marc   Posted 28 October 2015

Can I claim interest paid on a bond as an expense for an investment property where I receive rent. Will that differ for the interest paid on a bond for an empty stand (also investment) where no rent is received yet?

If I get car allowance as part of my total guaranteed package. Can I still claim travel?

  Written by Marc   Posted 28 October 2015

My job requires a lot of travelling, I do have a car allowance that is part of my total guaranteed package. I do get reimbursed for the km's traveled and toll fees. Do I still have to complete km as per log book to SARS. Do I further qualify for a tax return in this regard?

Donations tax to my family?

  Written by Marc   Posted 28 October 2015

My daughter supports me financially. Must she pay donations, or any other, tax?

Tax when earning R6000

  Written by Marc   Posted 28 October 2015

How much in Rands tax do I pay for earning R6000

Tax deduction for varsity students

  Written by Marc   Posted 28 October 2015

I have a son at varsity. I pay for his fees/boarding/accommodation, text books, all instruments use in the course. Is there any leeway for parents who pays for these student(s). Can I claim any tax deductions on any of these above.

Haven't worked a full year, tax return?

  Written by Marc   Posted 28 October 2015

I have only begun being employed this year June 2015. Do I need to file a tax return?

Capital Gain Tax on Sale of Shares by a Non Resident ?

  Written by Marc   Posted 28 October 2015

I am a non resident having Investment in Shares of a closely held company in south africa. Now I want to sell my shares to a Registered South African Company. Will this sale of shares attract Capital Gain Tax?
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